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PLANO, TX-Greystar Real Estate Advisors has pocketed the deed to the 328-unit, class A Tuscany Villas in Legacy Business Park, dovetailing the new role with its management hold for the last 15 months.

The New York City-based buyer marked its first solo acquisition in Dallas/Fort Worth under the Greystar Real Estate Advisors moniker in the takeover from Madison Residential of Dallas, a merchant builder looking for a quick exit strategy from its three-year-old development. The 86%-leased complex traded for cash and Freddie Mac debt placed through the Horsham, PA-based GMAC, says Kin Oldham, Greystar’s managing director in Dallas.

“Their needs and our wants kind of met at the same place,” Oldham tells GlobeSt.com about 5301 W. Spring Creek Parkway, a 24.7-acre community assessed at $21.7 million. With Greystar already in place at the property, the transition is truly “seamless,” he says, noting staff and tenants aren’t likely to notice the changeover.

Jeff Price, president of the Apartment Group in Dallas, says Tuscany Villas “garnered the level of interest that we would have expected from the targeting group.” That group primarily was made up of institutional investors lining up in a two-week marketing period that brought a closing in less than 30 days after the contract was executed. Broker and buyer are hushed about the selling price, but more than likely location and quality brought in the neighborhood of $25 million.

Oldham says the upside will come from raising occupancy, hiking rent in sync with the market rebound and burning off concessions. Tuscany Villas, with a 5,678-sf clubhouse, contains one-, two- and three-bedroom apartments with rents ranging from $818 per month for a 693-sf unit to $2,038 for a 1,607-sf design. Overall rent income amounts to about $4.8 million annually, according to a marketing flier.

Oldham and Greystar’s Shellie Cusack coordinated the due diligence team. Besides Price, Hank Glasgow with the Apartment Group brokered the transaction.

Oldham says Greystar Real Estate Advisors, an SEC-registered investment adviser, is “actively reviewing” multifamily properties in the region for more solo buys, but has nothing under contract at this time. In the past, Greystar has used partnerships to acquire in Dallas/Fort Worth and Austin.

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